Property, Ownership and Rights

pur autre vie

"For the life of another." A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee

Bundles of Rights

"PECED": Possession, Exclusion, Control, Enjoyment, Disposition

What is true about common areas?

-they include swimming pools, tennis courts, and other recreational facilities -they are portions of a building, land, and amenities owned or managed by planned unit development or condominium projects homeowner's association's -they have shared expenses by the property owners for the operation and maintenance

Types of Wills

1. formal/witnessed 2. oral at death, written by witness 3. holographic (not used in MA)

Covenant

A binding agreement

A type of multiple ownership where the residence of a multi unit housing complex on shares in the Cooperative corporation that is the property and gives each resident the right to occupy a specific apartment or unit is called

A cooperative

Capital Improvement Plan

A detailed plan that indentifies requirements for the repair, replacement, and rehabilitiation of facility infrastructure over an extended period, often 20 years or more. A utility usually updates or prepares this plan annually.

Joint Tenancy

A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition. Must meet the "Four Unites"

time-share

A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.

replacement reserve fund

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.

Zoning Board

A group in municipal government that controls what types of construction take place and how land is used within the minicipality

Easement

A limited right to make use of a property owned by another.

Life Tenant

A person in possession of a life estate if owner dies.

Adverse Possession

A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. -20 years -Use must be "open, notorious, continuous, hostile, and adverse to the true owner's interest"

Inestate

A person who dies without a will, or with one which is defective in form.

Planned Unit Development (PUD)

A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.

A fund set aside for replacement of common property in a condominium, PUD, or a cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called

A replacement reserve fund

Fee Simple Defeasible

A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur

Which is not a form of encumbrance? A. Expanding the driveway B. Deed restriction C. Encroachment D. Easement in gross

A. Expanding the driveway

Terms of Addition

Acquiring land from natural occurrences like mudslides, accession, accretion, alluvia, alluvium, and reliction

Freehold Estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Fee Simple Determinable

An estate which has been created to exist only until the occurrence or nonoccurrence of a particular event. Returns automatically.

Non-Freehold Estate

An estate with a fixed or determinable duration

Fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty. (ex: door, plumbing, etc)

Riparian Rights

An owner's rights in land that borders on or includes a small body of water, such as a stream, river, or lake. These rights include access to and use of the water.

Which of the following falls under the term personal property? A. A garage attached to her house B. A sofa C. The windows in a home D. The front porch at home

B. The sofa

A person with a life estate can A. Sell the real estate B. Leave the property to their heirs in there will C. Live on the property for their lifetime D. Take the title of a home once the owner is deceased

C. Live on the property for their lifetime

Contingency fund

Cash that is set aside for unexpected needs of the business.

Deed Restrictions

Clauses in a deed limiting the future uses of the property.

Tenants by the entirety

Co-ownership form that can only be used by married couples. Created by express wording. Surviving spouse has right of survivorship. Neither spouse may sell, gift, devise, or otherwise transfer property without permission of other spouse.

Control

Control the use of property

Evan lives in an apartment building. The land instructions are owned by corporation, with one mortgage loan covering the entire property. Like the other residence, Evan owns a stock in a corporation and has a lease on his apartment. What type of ownership is this called?

Cooperative

When a person dies intestate, they have

Died and have no will

You put in a new driveway to your property, but in the process, the paving goes across your property line onto the neighbors property a few inches. This is called a(n)

Encroachment

Estate

Everything (real & personal property) owned

Types of Estates

Fee Simple Defeasible fee - (1) determinable (2) subject to determinant (3) executory interest Life Estates

If you convey an interest in real property to a relative, the person is known as the

Grantee

Rights in Real Property

Includes ownership rights in the surface of land, airspace above land, and space below the surface, any easements and use of appurtenant land.

You and your sister are joint tenants in a home your mother left you. Your sister has three children and her will and you have one. If she dies first, who does the property go to?

It goes entirely to you

What is true of condominiums?

It is an ownership we are owners on your unit so leave but share ownership with the common areas and building

When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n)

Labor lien

Real Property

Land and everything permanently attached to it; all interests, rights and benefits which are included with the ownership of land as well as the physical rights of ownership of the land.

Littoral Rights

Land bordering bodies of water affected by tides; large body of waters like lakes, oceans, and the sea

Terms of Reduction

Losing/removal of land due to natural occurrences like erosion, avulsion, and dereliction

A homeowner's association does what?

Manages the common areas of the condominium project or planned unit development

Possession

Ownership by holding the title

sole ownership/estate in severalty

Ownership by one person, one corporation, one partnership

Concurrent Ownership

Ownership by two or more persons at the same time

eminent domain

Power of a government to take private property for public use.

Transfer of Inheritance (succession)

Property of a person that died without a will (inestate) will be distributed to heirs according to Massachusetts Uniform Probate Code of Descent And Distribution

Snob zoning

Racial segregation in housing

Voluntary Transfer of Real Property

Requires: Execution—preparation and signing of deed; Delivery—of deed to grantee, with intent of transferring ownership to grantee; Acceptance—grantee's expression of intent to possess and own property Recording—filing deed with appropriate county office to protect interests of grantee

Disposistion

Sell, rent, or transfer ownership

Fee Simple to a Condition

Subject to a condition that prohibits activity. But if it happens, they give time and it does not return automatically.

If a person wants to build a dog on a lake, what agency should they get permission from?

The Massachusetts Department of environmental protection agency

Exclusion

The act of keeping out or shutting out

Many states determine the order of water rights according to which uses of water hold a recorded beneficial use permit. This allocation of water rates in Massachusetts is determined by

The doctrine of prior appropriation

Title Search

The examination of public records relating to real estate to determine the current state of the ownership.

Four Unities

The four characteristics of an interest held in joint tenancy: unity of time, unity of title, unity of interest, and unity of possession.

Dower and Curtesy

The legal right or interest that one spouse has in the property of the other spouse.

Fee Simple Absolute

The maximum possible estate or right of ownership of real property, continuing forever.

Probate

The process of proving in court that the will of someone who has died is valid, and of administering the estate of a dead person.

Doctrine of Prior Appropriation

The right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water.

Foreclosure

The seizure of property from borrowers who are unable to repay their loans

Escheat

The state takes property upon an owners death if there is no will & no heirs exist.

Who would a resident appear before to complain about snob zoning?

The zoning board

Enjoyment

Use of property in any legal manner

cooperative

a business organization owned and operated by a group of individuals for their mutual benefit

Testator

a person who makes a will

Building codes

a set of rules that specify the minimum acceptable level of safety for constructed facilities

encumbrance

burden; hindrance

codicil

change to original will

Intestate

dying without a will

Bequeath a legacy

gift if personal property in a will

Bequeath a devise

gift of real estate in will

accretion

growth in size or increase in amount

testate

having a will

condominium

housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned

encroachment

intrusion on a person's territory, rights, etc.

executor

person designated to execute the terms of a will

Severe

remove a fixture or appurtenance

adminitrator

representative appointed by probate (inestate)

Right of Survivorship

right of one joint tenant to ownership of property when the other joint tenant dies

A person with a life estate cannot

sell the property

Tenants in Common

shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists

Appurtenance

something attached to something that is attached to the property (ex: doorknob that is attached to door attached to the property)

alienation

the act of transferring or conveying ownership (title) of real estate from one person or entity to another involuntarily -foreclosure -bankruptcy -eminent domain -partition -escheat -specific performance -adverse possession

Reversion

the act or process of returning to a former owner

Easement in Gross

the right to use land for a specific, limited purpose unrelated to any adjacent parcel

Remainderman

third party who will gain eventual ownership if life tenant dies